Beamed‐energy launch concepts employing a microwave thermal thruster are feasible in principle, and microwave sources of sufficient power to launch tons into LEO already exist. Microwave thermal thrusters operate on an analogous principle to nuclear thermal thrusters, which have experimentally demonstrated specific impulses exceeding 850 seconds. Assuming such performance, simple application of the rocket equation suggests that payload fractions of 10&percent; are possible for a single stage to orbit (SSTO) microwave thermal rocket. We present an SSTO concept employing a scaled X‐33 aeroshell. The flat aeroshell underside is covered by a thin‐layer microwave absorbent heat‐exchanger that forms part of the thruster. During ascent, the heat‐exchanger faces the microwave beam. A simple ascent trajectory analysis incorporating X‐33 aerodynamic data predicts a 10&percent; payload fraction for a 1 ton craft of this type. In contrast, the Saturn V had 3 non‐reusable stages and achieved a payload fraction of 4&percent;. © 2004 American Institute of Physics